ONE launches new weekly container service linking Poland and northern Europe to Alexandria

Ocean Network Express (ONE) launched a new weekly container service linking Alexandria to Poland and northern Europe, effective 15-17 October, according to a company statement. The Poland Egypt Express (PEX) will run a southbound-only rotation from Poland’s Baltic port city, Gdansk, through Germany’s Bremerhaven to Alexandria.

IN CONTEXT- The expansion adds a second dedicated northern Europe gateway into Egypt, complementing its existing Levant Express service, which already connects Tilbury, Rotterdam, Bremerhaven, and Antwerp to Alexandria and Damietta on a weekly loop.

Phosphate, processed locally

Egyptian mining and fertilizer producer Movingfert plans to begin construction on a USD 5 bn phosphate fertilizer complex in Safaga in 2027, Asharq Business reports, citing Chairman Sherif Zeid. The complex will roll out over seven years in eight phases, targeting 3 mn tonnes of phosphate fertilizer output a year once complete. A quarter is earmarked for the domestic market, and the rest for export. 80% of the financing is already secured, backed by the company’s own capital, alongside international lenders including the European Bank for Reconstruction and Development.

IN CONTEXT- The project will rely on phosphate ore from Movingfert’s operations in Qena and Abu Tartour. Backed by a separate USD 40 mn investment in two processing lines currently under construction in Qena’s free zone, the company aims to extract about 25 mn tonnes from the site — where reserves are estimated at 2 bn tonnes. This deposit is also home to another major state-backed development: a USD 658 mn phosphoric acid complex. Over at Ain Sokhna, Singapore-based Indorama will set up a USD 525 mn phosphate fertilizer plant.

No new license needed

The Financial Regulatory Authority (FRA) issued a circular confirming that registered ins. consulting experts do not need a new license or re-registration simply because the Unified Ins. Law 155 of 2024 took effect, according to a statement from the regulator. Their existing 5-year registration period is counted from the law’s effective date — 11 July 2024 — and runs to its natural end, with no new registration term starting once the compliance grace period expires.

BUT- The circular reiterates that consulting experts must still meet the Unified Ins. Law’s new conditions, plus FRA’s board resolution (25) for 2026 issued last February, and must carry valid professional liability ins. under Article 133 of the law.

REMEMBER- Last week, the FRA updated rules for credit and guarantee ins. underwriting and pricing, introducing actuarial pricing floors, binding concentration limits, and mandatory stress testing. The decision is the latest under the Unified Ins. Law 155 of 2024, and it closes a gap the FRA has been working through line by line.